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Lowes may have outsourced much of the work but they still have a responsibility for their plan. I would start with their HR Department unless you have a 1-800 type number with Wells Fargo. If you have a website you could start there. What you are looking for is the following: 1) A copy of the Summary Plan Description (SPD). This is a summary of the basic plan provisions. It should tell you under what conditions you can get a distribution. 2) A website or 1-800 might be able to tell you how to get an SPD and they might help you start the payment process. HR department might be able to do the same. But what you need is at this point is simple information about when and how to get paid from the plan. It might turn out a website or 1-800 number can get you an SPD and the forms needed to start the process. Does the statement you have give a website or 1-800 number? If so, start there would be my guess.

There is no reason for them to not give you a copy of the Summary Plan Description (SPD) upon request. It will at least give you some idea who distributions work although it might not address Alt Payee directly. You have a right to an SPD. So I would push for one. I would ask them again to describe to you when they think you can start to be paid. Be aware if the stock isn't publicly traded on an exchange they might not know the current stock price until it is appraised. That can take months in the best of plans and until the summer for most. They should be able to give you a general idea. Something like "...we typically make the payments in the fall and it is our understanding you will get distribution forms then." In the end, once you get the SPD if they really just refuse to work with you the SPD will describe who you send a formal written claim for benefits. Once you start the process they are obligated to tell you if you are due a benefit or not and why/why not. Send a written claim for benefits certified mail and compel them to at least reply to you. Lastly, you can always file a complaint with the DOL. I never recommend going to them first. It is a pretty hostile move and people tend to lawyer up in response. Also, it is the government, so it doesn't move fast. There is also a good chance they are following the law and plan document just no communicating that fact well so you might not get the response you want.

I'm updating this thread for whoever happens to come across it in the future. -- Notice 2011-19 clarifies when stock is readily tradable on an established market for ESOP purposes. The reference above now appears in 4.72.4.2.8 of the IRM.

I don't know the answer to your question but my recommendation would be for you to see a qualified attorney who is has knowledge in the ERISA and IRA investment area.

The 51% owner should not have sold control of the company without offering a similar buyout opportunity to the 49% owner (the ESOP). If the "owner" received $18 million (or more) for his 51% interest, the ESOP's 49% is worth substantially more than $3.1M (it's likely worth over $17M). In light of the recent stock purchase by the President, it doesn't take an independent valuation to determine that. And it appears that both the 51% owner and the President are/were fiduciaries of the ESOP. Based on these facts, this looks like somewhat egregious violations of ERISA's fiduciary provisions, including prohibited transactions. An ESOP lawyer with litigation experience should be contacted. Or take this situation to the local office of the Department of Labor. The ESOP and its participants could be entitled to an additional $14M (or more).

No independent valuation is a red flag. Also how close is the $3.1M to the value reported on the prior Form 5500? That would be on your Summary Annual Report. You can also look up Form 5500 on the DOL website. If the Plan showed a huge loss in the year of termination, I would be concerned. I would recommend contact an ERISA attorney with your questions.

And think about the rules preserving the ESOP rights of the participants -- it ain't just cash.

The short answer is "yes" . . . you can do a trustee-to-trustee transfer of assets from one plan to the other. But, the better answer is "why do you want to do this?" It's usually a good thing to have some cash in the ESOP, for example, to fund distributions. You'll need to prudently invest the cash assets, but typically this cash has a very short investment horizon (depending on your ESOP distribution policy) so it's okay to invest very conservatively.

A little off topic and this might have been thought of but.... If you give everyone stock will you still have under 100 (I think that is the number) shareholders? An S Corp has a max number (think 100) shareholders. I agree with RLL S Corps have the Put Option requirement. It is just people can't demand stock and keep it otherwise large S Corp ESOP companies could go over the stockholder max limit if enough people demand stock and keep it. In other words S Corps can have a mandatory Put Option upon distribution of the stock-- ie the person HAS to sell the stock.